Kerala Finance Act, 2007
No: 15 Dated: Jul, 28 2007
Kerala Finance Act, 2007
(Act 15 of 2007)
An Act to give effect to certain financial proposals of the Government of Kerala for the Financial year 2007-08.
Preamble. - Whereas, it is expedient to give effect to certain financial proposals of the Government of Kerala for the Financial Year 2007-08.
Be it enacted in the Fifty-eighth Year of the Republic of India as follows:-
1. Short title and commencement. - (1) This Act may be called the Kerala Finance Act, 2007.
(2) (a) sub-clause(iii)of clause(a)of sub-section (1), clause (b) of sub-section (3), clause (b) of sub-section (5), sub-section (8), sub-section (9) and sub-clause (x) of clause (b) of sub-section (13) of section 7 shall be deemed to have come in to force on the 1st day of April, 2005;
(b) sub-section (1) of section 3, clause (c) of sub-section (2) and sub-section (11) of section 7 shall be deemed to have come into force on the 1st day of April, 2006;
(c) sub-clause (i) of clause (b) and sub-clause (i) of clause (c) of sub-section (13) of section 7 shall be deemed to have come into force on the 1st day of July, 2006;
(d) sub-clause (ii) of clause (a) and sub-clauses (vi) and (xi) of clause (b) of sub¬section (13) of section 7 of this Act shall be deemed to have come into force on the 1st day of May, 2007;
(e) sub-clause (iii) of clause (a) and sub-clause (xii) of clause (b) of sub-section (13) of section 7 shall be deemed to have come into force on the 1st day of June, 2007;
(f) The remaining provisions of this Act shall be deemed to have come into for on the 1st day of April, 2007.
2. Amendment of Act 17 of 1959. - In the Kerala Stamp Act, 1959 (17 of 1959),-
(1) in section 2, after clause (q), the following clause shall be inserted, namely:-
"(qq) "Stamp" means any mark, seal or endorsement by any agency or person duly authorised by the State Government and includes an adhesive or impressed stamp for the purposes of duty chargeable under this Act.";
(2) after section 10, the following section shall be inserted, namely:-
"10A. Deduction of stamp duty by a member of a stock exchange or commodity exchange or intermediary thereof. - (1) A member of a stock exchange or commodity exchange or intermediary thereof who issues a contract note or memorandum in respect of purchase or sale of goods or stock or security in this State at first instance of any such transaction which is ultimately concluded in the State shall deduct the stamp duty payable thereon.
(2) The stamp duty deducted for any calendar month under sub-section (1) shall be remitted into the Government treasury on or before the seventh day of succeeding month and if the stamp duty so deducted is not remitted in time, it shall be remitted with interest at the rate of twelve per cent per annum from the date of default.
(3) Any default in the deduction of stamp duty under sub section (1) or failure to remit the stamp duty under sub section (2) shall be punishable with fine which may extend to fifty thousand rupees.";
(3) in the Schedule,-
(a) in serial number 5, existing clause (c) shall be re-numbered as clause (d) and before clause (d) as so renumbered and entries against it in columns (2) and (3), the following clause and entries shall respectively be inserted, namely:-
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"(c) If relating to giving authority or power to a promoter or a developer, by whatsoever name called, for construction, development or sale or transfer (in any manner whatsoever) of any immovable property. |
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The same duty as a conveyance (under 21 or 22 as the case may be) on the value or the estimated cost of proposed construction/development of such property, as the case may be. |
(b) under the entries in column (3) against Serial No. 21, the following proviso shall be added, namely:-
"provided that if the conveyance relates to any transfer of undivided share of any land and refers to any agreement relating to the construction of any building or part of building, including flat or apartment or room etc., the value of such building or such part of the building shall also be included in such consideration, and the stamp duty if any paid in respect of such agreement shall be deducted from the stamp duty payable for the conveyance.";
(c) under the entries in column (3) against serial No. 22, the following proviso shall be added, namely:-
"provided that if the conveyance relates to any transfer of undivided share of any land and refers to any agreement relating to the construction of any building or part of building, including flat or apartment or room etc., the value of such building or such part of the building shall also be included in such consideration, and the stamp duty if any paid in respect of such agreement shall be deducted from the stamp duty payable for the conveyance.";